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This provides us transfer pricing a combined total of $110,901, our itemized deductions of $19,349 and exemptions of $14,600 stay the same, giving us a complete taxable income of $76,952.
In 2011, the IRS in addition to Congress, are determined to have a more rigorous disclosure policy on foreign incomes that includes a new FBAR form demands more detailed disclosure info. However, the IRS is yet to push out this new FBAR contour. There is also an amnesty in place until August 31st 2011 for taxpayers who fill form FBAR combined years. Conscientious decisions not to ever fill the actual FBAR form will result a punitive charge of $100,000 or 50% of your value in the foreign take into account the year not documented.
Remember, a personal exemption of $3650 is not deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This making you under the marginal tax rate of 25%. Therefore the money you save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For everyone spouse, that'll be multiplied by two which means you save $1825.
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The increased foreign earned income exclusion, increased income tax bracket income levels, and continuation of Bush era lower tax rates are all good news for all American expats. Tax rules for expats are complicated .. Get the specialist you need to file your return correctly and minimize your U.S. tax.